Recommending vehicle for payment based on social network data

Abstract

Embodiments of the invention are directed to a system, method, or computer program product for recommending payment vehicles for a transaction based on social network data. Embodiments of the invention allow a customer to receive a recommended payment vehicle for a transaction with a merchant where the recommended payment vehicle is determined based on social network data. In this way, a payment recommendation may be based on one or more preferences of a trusted advisor, social network friend, family member, celebrity, or an aggregation of data related to how a group of individuals on a social network are selecting payment vehicles for various merchants. The invention may review this social network data and provide the customer with a payment vehicle recommendation for a transaction with a merchant.

What is claimed is: 
     
         1 . A system for recommending a payment vehicle for a transaction based on social network data, the system comprising:
 a memory device with computer-readable program code stored thereon;   a communication device;   a processing device operatively coupled to the memory device and the communication device, wherein the processing device is configured to execute the computer-readable program code to:
 determine one or more payment vehicles available to a customer; 
 review social network data associated with the customer; 
 receive an indication of a potential transaction between the customer and a merchant; 
 determine transaction details associated with the potential transaction between the customer and the merchant, wherein the transaction details include merchant type and products of the potential transaction; 
 determine a recommended payment vehicle for the potential transaction, wherein the recommended payment vehicle is determined based at least in part on the one or more payment vehicles available to the customer, the social network data associated with the customer, and the transaction details; 
 determine that the transaction has been initiated between the customer and the merchant; 
 provide the customer with the recommended payment vehicle before the transaction has been completed between the customer and the merchant; and 
 apply the recommended payment vehicle to the transaction to complete the transaction, wherein applying the recommended payment vehicle to the transaction is based at least in part on customer authorization. 
   
     
     
         2 . The system of  claim 1 , wherein social network data associated with the customer comprises one or more preferences of customer social network connections, such as a trusted advisor, social network friend, social network following, or aggregate of preferences of a social network group. 
     
     
         3 . The system of  claim 2 , wherein social network data associated with the customer further comprises posts, likes, messages, or links on a social network associated with the customer social network connections. 
     
     
         4 . The system of  claim 2 , wherein determining a recommended payment vehicle for the potential transaction further comprises determining a payment vehicle that the customer social network connections have used in a similar transaction with the merchant or a similar transaction for a product of the transaction. 
     
     
         5 . The system of  claim 1 , wherein an indication of a potential transaction between the customer and a merchant is determined by one or more customer location identification, customer communication, merchant communication, or social network data. 
     
     
         6 . The system of  claim 1 , wherein determining the one or more payment vehicles available to the customer further comprises determining, automatically, the one or more payment vehicles available to the customer based on social network data or customer inputs, wherein the one or more payment vehicles available to the customer comprise cash, credit card account, a debit card account, a line of credit account, a retail card, a savings account, an investment account, or a line of credit. 
     
     
         7 . The system of  claim 1  further comprising receiving a customer enrollment indication such that the customer authorizes access to the payment vehicles available to the customer and the social network data associated with the customer. 
     
     
         8 . A computer program product for recommending a payment vehicle for a transaction based on social network data, the computer program product comprising at least one non-transitory computer-readable medium having computer-readable program code portions embodied therein, the computer-readable program code portions comprising:
 an executable portion configured for determining one or more payment vehicles available to a customer;   an executable portion configured for reviewing social network data associated with the customer;   an executable portion configured for receiving an indication of a potential transaction between the customer and a merchant;   an executable portion configured for determining transaction details associated with the potential transaction between the customer and the merchant, wherein the transaction details include merchant type and products of the potential transaction;   an executable portion configured for determining a recommended payment vehicle for the potential transaction, wherein the recommended payment vehicle is determined based at least in part on the one or more payment vehicles available to the customer, the social network data associated with the customer, and the transaction details;   determining that the transaction has been initiated between the customer and the merchant;   an executable portion configured for providing the customer with the recommended payment vehicle before the transaction has been completed between the customer and the merchant; and   an executable portion configured for applying the recommended payment vehicle to the transaction to complete the transaction, wherein applying the recommended payment vehicle to the transaction is based at least in part on customer authorization.   
     
     
         9 . The computer program product of  claim 8 , wherein social network data associated with the customer comprises one or more preferences of customer social network connections, such as a trusted advisor, social network friend, social network following, or aggregate of preferences of a social network group. 
     
     
         10 . The computer program product of  claim 9 , wherein social network data associated with the customer further comprises posts, likes, messages, or links on a social network associated with the customer social network connections. 
     
     
         11 . The computer program product of  claim 9 , wherein determining a recommended payment vehicle for the potential transaction further comprises determining a payment vehicle that the customer social network connections have used in a similar transaction with the merchant or a similar transaction for a product of the transaction. 
     
     
         12 . The computer program product of  claim 8 , wherein an indication of a potential transaction between the customer and a merchant is determined by one or more customer location identification, customer communication, merchant communication, or social network data. 
     
     
         13 . The computer program product of  claim 8 , wherein determining the one or more payment vehicles available to the customer further comprises determining, automatically, the one or more payment vehicles available to the customer based on social network data or customer inputs, wherein the one or more payment vehicles available to the customer comprise cash, credit card account, a debit card account, a line of credit account, a retail card, a savings account, an investment account, or a line of credit. 
     
     
         14 . The computer program product of  claim 8  further comprising an executable portion configured for receiving a customer enrollment indication such that the customer authorizes access to the payment vehicles available to the customer and the social network data associated with the customer. 
     
     
         15 . A computer-implemented method for recommending a payment vehicle for a transaction based on social network data, the method comprising:
 providing a computing system comprising a computer processing device and a non-transitory computer readable medium, where the computer readable medium comprises configured computer program instruction code, such that when said instruction code is operated by said computer processing device, said computer processing device performs the following operations:
 determining one or more payment vehicles available to a customer; 
 reviewing social network data associated with the customer; 
 receiving an indication of a potential transaction between the customer and a merchant; 
 determining transaction details associated with the potential transaction between the customer and the merchant, wherein the transaction details include merchant type and products of the potential transaction; 
 determining, via a computer processing device, a recommended payment vehicle for the potential transaction, wherein the recommended payment vehicle is determined based at least in part on the one or more payment vehicles available to the customer, the social network data associated with the customer, and the transaction details; 
 determining that the transaction has been initiated between the customer and the merchant; 
 providing the customer with the recommended payment vehicle before the transaction has been completed between the customer and the merchant; and 
 applying the recommended payment vehicle to the transaction to complete the transaction, wherein applying the recommended payment vehicle to the transaction is based at least in part on customer authorization. 
   
     
     
         16 . The computer-implemented method of  claim 15 , wherein social network data associated with the customer comprises one or more preferences of customer social network connections, such as a trusted advisor, social network friend, social network following, or aggregate of preferences of a social network group. 
     
     
         17 . The computer-implemented method of  claim 16 , wherein social network data associated with the customer further comprises posts, likes, messages, or links on a social network associated with the customer social network connections. 
     
     
         18 . The computer-implemented method of  claim 16 , wherein determining a recommended payment vehicle for the potential transaction further comprises determining a payment vehicle that the customer social network connections have used in a similar transaction with the merchant or a similar transaction for a product of the transaction. 
     
     
         19 . The computer-implemented method of  claim 15 , wherein an indication of a potential transaction between the customer and a merchant is determined by one or more customer location identification, customer communication, merchant communication, or social network data. 
     
     
         20 . The computer-implemented method of  claim 15 , wherein determining the one or more payment vehicles available to the customer further comprises determining, automatically, the one or more payment vehicles available to the customer based on social network data or customer inputs, wherein the one or more payment vehicles available to the customer comprise cash, credit card account, a debit card account, a line of credit account, a retail card, a savings account, an investment account, or a line of credit. 
     
     
         21 . The computer-implemented method of  claim 15  further comprising receiving a customer enrollment indication such that the customer authorizes access to the payment vehicles available to the customer and the social network data associated with the customer.